Union Bank’s Profit Hits N15.4bn

• Union Bank’s Profit Hits N15.4bn

Union Bank Nigeria Plc says with a profit after tax of N15.4bn for the financial year ended December 31, 2016, it remains optimistic about future performance.

The Chairman of the bank, Cyril Odu, said this as he presented the report to shareholders at the 48th Annual General Meeting in Lagos.

The bank also recorded gross earnings of N126.6bn, and compared with a PAT of N14.3bn on gross earnings of N117.2bn in the corresponding period of 2015, this represented a growth of eight per cent in net profit and earnings.

Other highlights of the bank’s financial performance in 2016 show that interest income grew by eight per cent to N98bn from N90.9bn in 2015, as a result of growth in the loan book and improved asset yields. Its non-interest revenue also moved up by nine percent to N28.6bn from N26.2bn in 2015 owing to income from e-business channels.

Its customer deposits rose by 15 per cent to N658.4bn (from N570.6bn in 2015). The growth was led by new product offerings, increased market penetration and improved customer off take.

The bank said it expanded retail product portfolio with the launch of five new products including UnionBetta, a savings product that allows customers to earn interest while also supporting a charitable cause.

It added, “Accelerated customer on-boarding on UnionMobile and UnionOnline with over 380 per cent growth in mobile users and about 50 per cent increase in Internet banking users followed the launch of new platforms with expanded capabilities in 2016

“More than half of branches across the network have now been upgraded to align with our new brand identity and customer-centred service approach. Over 30 branches were launched in 2016.”